{"id":8675,"date":"2025-05-14T16:05:41","date_gmt":"2025-05-14T16:05:41","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=8675"},"modified":"2025-05-14T16:05:43","modified_gmt":"2025-05-14T16:05:43","slug":"elliptic-uncovers-8-4b-usdt-cybercrime-network-on-telegram-linked-to-xinbi","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/05\/14\/elliptic-uncovers-8-4b-usdt-cybercrime-network-on-telegram-linked-to-xinbi\/","title":{"rendered":"Elliptic Uncovers \\$8.4B USDT Cybercrime Network on Telegram Linked to Xinbi"},"content":{"rendered":"\n<p>In a major takedown that underscores the growing intersection between cryptocurrency and organized online fraud, blockchain analytics firm <strong>Elliptic<\/strong> has exposed a massive cybercrime operation on <strong>Telegram<\/strong> revealing that Colorado-based <strong>Xinbi Co. Ltd.<\/strong>, operating under the alias <strong>Xinbi Guarantee<\/strong>, facilitated over <strong>$8.4 billion in illicit transactions<\/strong> using <strong>Tether (USDT)<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Telegram Cracks Down After Elliptic Report<\/h3>\n\n\n\n<p>On <strong>May 13<\/strong>, Elliptic released its investigative findings, which prompted Telegram to swiftly shut down thousands of channels linked to Xinbi Guarantee and its criminal activities. The platform served as a <strong>USDT-powered black market<\/strong>, where users could access a wide range of illicit goods and services, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Money laundering services<\/strong> targeting proceeds from online scams<\/li>\n\n\n\n<li><strong>Crypto pig butchering scams<\/strong>, where victims are manipulated into investing in fake crypto platforms<\/li>\n\n\n\n<li><strong>Stolen personal data<\/strong> and identity documents<\/li>\n\n\n\n<li><strong>Starlink satellite equipment<\/strong>, likely used to aid scam operations across remote regions<\/li>\n<\/ul>\n\n\n\n<p>Telegram\u2019s enforcement action came as a direct result of Elliptic\u2019s deep-dive, which revealed Xinbi Guarantee\u2019s extensive role in enabling fraud, particularly in <strong>Southeast Asia<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">$8.4B in USDT Transactions and a Rapidly Expanding Network<\/h3>\n\n\n\n<p>Elliptic&#8217;s report found that <strong>since 2022<\/strong>, the Xinbi Guarantee marketplace processed at least <strong>$8.4 billion<\/strong> in USDT transactions, making it one of the <strong>largest illicit crypto networks<\/strong> operating today. The platform experienced explosive growth ballooning from <strong>119,000 users in August 2024<\/strong> to <strong>233,000 by May 2025<\/strong>.<\/p>\n\n\n\n<p>In <strong>Q4 2024 alone<\/strong>, Xinbi Guarantee recorded over <strong>$1 billion in inflows<\/strong>, highlighting the scale and velocity of illegal crypto activity flowing through the network.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ties to North Korean Hacking and Global Fraud Rings<\/h3>\n\n\n\n<p>One of the most alarming discoveries in Elliptic\u2019s report was Xinbi\u2019s <strong>direct link to stolen crypto funds traced to North Korea<\/strong>. Specifically, it was found that <strong>$220,000 of the $235 million<\/strong> stolen in the <strong>WazirX hack<\/strong> attributed to North Korean actors was laundered through Xinbi Guarantee\u2019s USDT addresses. This connection not only underscores Xinbi\u2019s global reach but also highlights the critical role these Telegram-based platforms play in facilitating <strong>nation-state cybercrime<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Telegram and Global Law Enforcement React<\/h3>\n\n\n\n<p>Telegram\u2019s response closing down Xinbi Guarantee\u2019s and <strong>Huione Guarantee\u2019s<\/strong> illicit channels\u2014is part of a broader move to clean up its platform. However, <strong>Elliptic warns<\/strong> that over <strong>30 similar black market operations<\/strong> continue to operate on Telegram, many of them also relying on <strong>USDT for anonymous transactions<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A Wake-Up Call for Crypto Regulation<\/h3>\n\n\n\n<p>The Xinbi Guarantee case sheds light on a growing trend of <strong>USDT being used as the currency of choice<\/strong> for digital fraud and laundering. It raises urgent questions about the <strong>responsibilities of platforms like Telegram<\/strong>, as well as the need for <strong>greater international oversight and blockchain surveillance<\/strong>.<\/p>\n\n\n\n<p>As regulators and law enforcement scramble to catch up, Elliptic\u2019s revelations serve as a critical reminder that <strong>transparency, compliance tools, and data analytics<\/strong> are vital in the fight against crypto-fueled cybercrime.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a major takedown that underscores the growing intersection between cryptocurrency and organized online fraud, blockchain analytics firm Elliptic has exposed a massive cybercrime operation on Telegram revealing that Colorado-based Xinbi Co. Ltd., operating under the alias Xinbi Guarantee, facilitated over $8.4 billion in illicit transactions using Tether (USDT). Telegram Cracks Down After Elliptic Report&#8230;<\/p>\n","protected":false},"author":3,"featured_media":8676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[1031,1030,496],"class_list":["post-8675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-cybercrime","tag-elliptic","tag-telegram"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Elliptic Uncovers \\$8.4B USDT Cybercrime Network on Telegram Linked to Xinbi - Crypto News<\/title>\n<meta name=\"description\" content=\"Elliptic has uncovered Xinbi Guarantee\u2019s $8.4B USDT-powered cybercrime network on Telegram, linked to money laundering and North Korean hacks. Learn how the takedown reveals the growing role of stablecoins in global crypto fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonewsdesk.com\/index.php\/2025\/05\/14\/elliptic-uncovers-8-4b-usdt-cybercrime-network-on-telegram-linked-to-xinbi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elliptic Uncovers \\$8.4B USDT Cybercrime Network on Telegram Linked to Xinbi - Crypto News\" \/>\n<meta property=\"og:description\" content=\"Elliptic has uncovered Xinbi Guarantee\u2019s $8.4B USDT-powered cybercrime network on Telegram, linked to money laundering and North Korean hacks. 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